Gold Resource (GORO) 10-Q 31 Oct 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Registrant Name	GOLD RESOURCE CORP
Entity Central Index Key	1,160,791
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		56,891,484
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 15,832	$ 14,166
Gold and silver rounds/bullion	3,831	3,307
Accounts receivable	3,664	630
Inventories, net	9,890	8,946
Income tax receivable, net	1,025	626
Prepaid expenses and other current assets	1,822	1,587
Total current assets	36,064	29,262
Property, plant and mine development, net	79,447	70,059
Deferred tax assets, net	18,645	17,580
Other non-current assets	945	1,542
Total assets	135,101	118,443
Current liabilities:
Accounts payable	8,883	5,383
Loan payable, current	562
Mining royalty taxes payable	1,222	2,033
Accrued expenses and other current liabilities	2,165	1,526
Total current liabilities	12,832	8,942
Reclamation and remediation liabilities	2,790	2,425
Loan payable, long-term	1,789
Total liabilities	17,411	11,367
Shareholders' equity:
Common stock - $0.001 par value, 100,000,000 shares authorized: 56,891,484 and 56,566,874 shares outstanding at September 30, 2017 and December 31, 2016, respectively	57	57
Additional paid-in capital	114,211	112,034
Retained earnings	10,477	2,040
Treasury stock at cost, 336,398 shares	(5,884)	(5,884)
Accumulated other comprehensive loss	(1,171)	(1,171)
Total shareholders' equity	117,690	107,076
Total liabilities and shareholders' equity	$ 135,101	$ 118,443

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Consolidated Balance Sheets
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	56,891,484	56,566,874
Treasury stock, shares	336,398	336,398

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Consolidated Statements of Operations
Sales, net	$ 31,122	$ 21,367	$ 76,849	$ 64,968
Mine cost of sales:
Production costs	16,122	12,767	39,634	34,570
Depreciation and amortization	3,762	3,189	10,271	9,049
Reclamation and remediation	37	48	101	139
Total mine cost of sales	19,921	16,004	50,006	43,758
Mine gross profit	11,201	5,363	26,843	21,210
Costs and expenses:
General and administrative expenses	1,950	2,027	5,437	5,875
Exploration expenses	1,457	881	3,415	2,027
Other expense (income), net	110	74	1,183	(1,170)
Total costs and expenses	3,517	2,982	10,035	6,732
Income before income taxes	7,684	2,381	16,808	14,478
Provision for income taxes	3,103	787	6,987	6,479
Net income	$ 4,581	$ 1,594	$ 9,821	$ 7,999
Net income per common share:
Basic	$ 0.08	$ 0.03	$ 0.17	$ 0.15
Diluted	$ 0.08	$ 0.03	$ 0.17	$ 0.14
Weighted average shares outstanding:
Basic weighted average shares of common stock outstanding	56,888,115	55,781,382	56,841,897	54,994,430
Diluted weighted average common shares outstanding	57,455,805	57,597,392	57,617,030	55,589,307

Consolidated Statements of Chan

Consolidated Statements of Changes In Shareholders' Equity - USD ($) $ in Thousands	Common Shares [Member]	Additional Paid-in Capital	Accumulated (Deficit)/ Retained Earnings	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at Dec. 31, 2015		$ 96,766	$ (948)	$ (5,884)	$ (1,171)	$ 88,818
Balance (in shares) at Dec. 31, 2015	54,603,104
Balance at Dec. 31, 2015	$ 55
Stock options exercised		391				391
Stock options exercised (in shares)	169,999
Stock-based compensation		1,240				1,240
Dividends declared		(271)	(1,399)			(1,670)
Acquisitions	$ 2	13,908				13,910
Acquisitions (in shares)	2,130,169
Net income			4,387			4,387
Balance at Dec. 31, 2016		112,034	2,040	(5,884)	(1,171)	107,076
Balance (in shares) at Dec. 31, 2016	56,903,272
Balance at Dec. 31, 2016	$ 57					57
Adjustment to retained earnings as a result of adoption of ASU 2016-16			(533)			(533)
Stock-based compensation		877				877
Common stock issued for vested restricted stock units (in shares)	78,400
Dividends declared			(851)			(851)
Acquisitions		1,300				1,300
Acquisitions (in shares)	246,210
Net income			9,821			9,821
Balance at Sep. 30, 2017		$ 114,211	$ 10,477	$ (5,884)	$ (1,171)	117,690
Balance (in shares) at Sep. 30, 2017	57,227,882
Balance at Sep. 30, 2017	$ 57					$ 57

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 9,821	$ 7,999
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes	3,033	250
Depreciation and amortization	10,602	9,343
Stock-based compensation	877	997
Other operating adjustments	392	(531)
Changes in operating assets and liabilities:
Accounts receivable	(3,034)	(2,092)
Inventories	(945)	(657)
Prepaid expenses and other current assets	958	1,203
Accounts payable and other accrued liabilities	3,319	(2,774)
Mining and income taxes payable/receivable	(1,556)	3,690
Other noncurrent assets	36	64
Net cash provided by operating activities	23,503	17,492
Cash flows from investing activities:
Capital expenditures	(20,382)	(12,637)
Proceeds from the sale of equity investments		749
Other investing activities	(265)	(315)
Net cash used in investing activities	(20,647)	(12,203)
Cash flows from financing activities:
Proceeds from the exercise of stock options		391
Dividends paid	(852)	(818)
Repayment of loan payable	(46)
Repayments of capital leases	(21)	(606)
Net cash used in financing activities	(919)	(1,033)
Effect of exchange rate changes on cash and cash equivalents	(271)	(13)
Net increase in cash and cash equivalents	1,666	4,243
Cash and equivalents at beginning of period	14,166	12,822
Cash and equivalents at end of period	15,832	17,065
Supplemental Cash Flow Information
Income and mining taxes paid	2,764	256
Non-cash investing activities:
Increase (decrease) in accrued capital expenditures	510	(2,764)
Equipment purchased through loan payable	2,397
Equipment purchased under capital lease	21	300
Common stock issued for the acquisition of mineral rights	$ 1,300	$ 13,910

Basis of Preparation of Financi

Basis of Preparation of Financial Statements	9 Months Ended
	Sep. 30, 2017
Basis of Preparation of Financial Statements
Basis of Preparation of Financial Statements	1. Basis of Preparation of Financial Statements The interim Condensed Consolidated Financial Statements (“interim statements”) of Gold Resource Corporation and its subsidiaries (collectively, the “Company”) are unaudited and have been prepared in accordance with the rules of the Securities and Exchange Commission for interim statements. Certain information and footnote disclosures required by United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted although the Company believes that the disclosures included are adequate to make the information presented not misleading. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2016 included in the Company’s annual report on Form 10-K. The year-end balance sheet data was derived from the audited financial statements. Unless otherwise noted, there have been no material changes to the footnotes from those accompanying the audited consolidated financial statements contained in the Company’s annual report on Form 10-K.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2017
Recent Accounting Pronouncements
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Accounting Standards Update 2016-09—Compensation—Stock compensation (Topic 718): Improvements to employee share-based payment accounting . On March 30, 2016, the Financial Accounting Standards Board (“FASB”) issued guidance intended to improve the accounting for employee share-based payments. The standard affects all organizations that issue share-based payment awards to their employees and was part of the FASB’s Simplification Initiative. The objective of the Simplification Initiative is to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The areas for simplification in this standard involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, the amendments in this standard are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Because of the Company’s current valuation allowance position, the adoption of this guidance, effective January 1, 2017, did not result in an adjustment to retained earnings as of December 31, 2016. Nor did it result in current tax expense or benefit related to vested stock-based awards for the nine months ended September 30, 2017. As a result, the Company did not exclude any excess tax benefits from the calculation of diluted earnings per share during the nine months ended September 30, 2017, and there was no method change to the cash flow presentation as required by the guidance. Please see Note 5 for more information. Accounting Standards Update 2016-16 – Income Taxes, Intra-Entity Transfers of Assets Other Than Inventory (Topic 740 ). In October 2016, the FASB issued guidance intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory by requiring an entity to recognize the income tax consequences when a transfer occurs, instead of when an asset is sold to an outside party. The amendments in this guidance should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is required to adopt this new standard on January 1, 2018, for its fiscal year 2018 and for interim periods within that fiscal year. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual financial statements have not been issued. The Company elected to early adopt this guidance as of January 1, 2017 which resulted in the Company adjusting its deferred tax charge, previously reported in other long-term assets, to nil with the related offset to beginning retained earnings. The net effect was a decrease of $0.5 million to other long-term assets and a corresponding decrease to beginning retained earnings . Recently Issued Accounting Pronouncements Accounting Standards Update (“ASU”) No. 2014-09—Revenue from Contracts with Customers (Topic 606). On May 28, 2014, the FASB issued guidance that requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This ASU was further amended in August 2015, March 2016, April 2016, May 2016 and December 2016 by ASU No. 2015-14, No. 2016-08, No. 2016-10, No. 2016-12 and No. 2016-20, respectively. The guidance provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The Company has performed an assessment of the revised guidance and the impacts on the Company’s Consolidated Financial Statements and disclosures. The Company has completed the review of all contracts and determined that the adoption of this guidance will not impact the timing of revenue recognition based on the Company’s determination of when control is transferred. Currently, revenue is recognized for contracts upon delivery of material to the customer and will not change under the new guidance. The Company furthered its evaluation of variable consideration for concentrate sales related to the variable nature of the price and metal quantity. Based on its current analysis, the estimate of revenue recognized for concentrates will remain unchanged as sales will initially be recorded on a provisional basis based on the forward prices for the estimated month of settlement and the Company’s estimated metal quantities delivered based on weighing and assay data. The Company believes changes in the underlying weight and metal content are not significant to the sale as a whole and therefore do not preclude the recognition of revenue upon transfer of control. Additionally, the Company completed its evaluation of the impacts of refining fee classification. The Company also determined that revenue will be recognized, net of treatment and refining charges when these payments are made to customers. This classification remains unchanged from current practice. The Company will adopt the new guidance effective January 1, 2018. The guidance may be applied retrospectively for all periods presented or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application. The Company currently anticipates adopting the guidance retrospectively with the cumulative effect of initially applying the amended guidance recognized at January 1, 2018. As there are no changes to the Company’s current revenue recognition model, no changes will be made to prior period amounts or related prior period disclosures. Accounting Standards Update No. 2016-02 Leases (Topic 842). I n February 2016, the FASB issued a new standard regarding leases. Lessees will be required to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and a lease liability. Public business entities are required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For calendar year-end public companies, this means an adoption date of January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact on its consolidated financial statements and disclosures.

Gold and Silver Bullion

Gold and Silver Bullion	9 Months Ended
	Sep. 30, 2017
Gold and Silver Bullion
Gold and Silver Bullion	3. Gold and Silver Rounds/Bullion The Company periodically purchases gold and silver bullion on the open market for investment purposes and to use in its dividend exchange program under which shareholders may exchange their cash dividends for minted gold and silver rounds. During the nine months ended September 30, 2017 and 2016, the Company purchased 215.85 ounces and nil ounces, respectively, of gold bullion. At September 30, 2017 and December 31, 2016, the Company’s holdings of rounds/bullion, using quoted market prices, consisted of the following: 2017 2016 Gold Silver Gold Silver (in thousands, except ounces and per ounce) Ounces 1,794 90,685 1,579 90,971 Per ounce $ 1,283 $ 16.86 $ 1,159 $ 16.24 Total $ 2,302 $ 1,529 $ 1,830 $ 1,477

Inventories, net

Inventories, net	9 Months Ended
	Sep. 30, 2017
Inventories, net
Inventories, net	4. Inventories, net At September 30, 2017 and December 31, 2016, inventories, net consisted of the following: 2017 2016 (in thousands) Stockpiles - underground mine $ 809 $ 84 Stockpiles - open pit mine 53 288 Concentrates and doré 1,249 1,881 Materials and supplies (1) 7,779 6,693 Total $ 9,890 $ 8,946 (1) Net of reserve for obsolescence of $637 at September 30, 2017 and December 31, 2016.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Taxes
Income Taxes	5 . Income Taxes The Company recorded income tax expense of $3.1 million and $7.0 million for the three and nine months ended September 30, 2017, respectively. For the three and nine months ended September 30, 2016, the Company recorded income tax expense of $0.8 million and $6.5 million, respectively. In 2015, the Mexican government approved a 2016 Federal Revenue Act that provides tax incentives, including tax credits on Mexican Excise Duty (a.k.a., IEPS), for the acquisition of combustible fossil fuels to be used in productive processes. The Company’s Mexican operations utilize a significant amount of diesel fuel for power generation that qualifies for such tax credits. These tax credits can be applied against income taxes payable, as well as other income tax withholdings during the year. In the three and nine months ended September 30, 2017, the Company recorded $1.0 million and $2.6 million, respectively, of fuel tax credits to offset production costs and such credits were applied against the income tax payable. During the three and nine months ended September 30, 2016, the Company recorded $0.6 million and $2.3 million, respectively, of fuel tax credits to offset production costs and such credits were applied against the income tax payable and other taxes payable. The Company has asserted permanent reinvestment of all Mexico undistributed earnings as of September 30, 2017. The impact of the planned annual dividends for 2017, net of foreign tax credits, is reflected in the estimated annual effective tax rate. The Company’s annualized effective rate differs from the statutory rate primarily due to planned annual dividends from our Mexican subsidiary as well as differences in statutory rates for income and mining taxes in Mexico. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is As a result of the adoption of ASU 2016-09 in the first quarter of 2017, excess tax benefits and tax deficiencies will be prospectively classified to the statement of operations instead of additional paid-in capital. Upon adoption, the Company recorded a $4.2 million deferred tax asset related to previously unrecognized foreign tax credits but placed a valuation allowance against the full amount of the deferred tax asset due to the Company’s assessment of the realizability of these foreign tax credits. Thus, no net impact to the financial statements was generated as a result of adoption of ASU 2016-09. The Company's effective tax rate for the three and nine months ended September 30, 2017 was not materially impacted by the adoption of ASU 2016-09. As of September 30, 2017, the Company believes that it has no liability for uncertain tax positions.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2017
Prepaid Expenses And Other Current Assets
Prepaid Expenses and Other Current Assets	6. Prepaid Expenses and Other Current Assets At September 30, 2017 and December 31, 2016, prepaid expenses and other current assets consisted of the following: 2017 2016 (in thousands) Advances to suppliers $ 175 $ 122 Prepaid insurance 821 531 Vendor deposits 245 218 IVA taxes receivable, net 69 489 Other current assets 512 227 Total $ 1,822 $ 1,587

Property, Plant and Mine Develo

Property, Plant and Mine Development, net	9 Months Ended
	Sep. 30, 2017
Property, Plant and Mine Development, net
Property, Plant and Mine Development – net	7. Property, Plant and Mine Development, net At September 30, 2017 and December 31, 2016, property, plant and mine development, net consisted of the following: 2017 2016 (in thousands) Asset retirement costs $ 637 $ 637 Construction-in-progress 8,670 586 Furniture and office equipment 1,632 1,580 Land 242 230 Light vehicles and other mobile equipment 2,072 1,914 Machinery and equipment 21,530 20,293 Mill facilities and infrastructure 9,847 9,643 Mineral interests and mineral rights ( 1 ) 17,658 19,413 Mine development 53,825 42,951 Software and licenses 1,678 1,624 Subtotal (2) 117,791 98,871 Accumulated depreciation and amortization (38,344) (28,812) Total $ 79,447 $ 70,059 (1) During the three months ended September 30, 2017, the Company revised its temporary book and tax differences in the basis of its Isabella Pearl property, which resulted in a $4.2 million decrease in property, plant and mine development, net and a corresponding increase in deferred tax assets, net. (2) Includes accrued capital expenditures of $0.5 million and nil at September 30, 2017 and December 31, 2016, respectively. The Company recorded depreciation and amortization expense of $3.9 million and $10.6 million for the three and nine months ended September 30, 2017, respectively. The Company recorded depreciation and amortization expense of $3.3 million and $9.3 million for the three and nine months ended September 30, 2016, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2017
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	8. Accrued Expenses and Other Current Liabilities At September 30, 2017 and December 31, 2016, accrued expenses and other current liabilities consisted of the following: 2017 2016 (in thousands) Accrued insurance $ 433 $ 381 Accrued royalty payments 1,465 1,043 Dividends payable 95 94 Other payables 172 8 Total $ 2,165 $ 1,526

Reclamation and Remediation

Reclamation and Remediation	9 Months Ended
	Sep. 30, 2017
Reclamation And Remediation
Reclamation and Remediation	9. Reclamation and Remediation The Company’s reclamation and remediation obligations primarily relate to the Aguila Project. 2017 2016 (in thousands) Reclamation liabilities – balance at beginning of period $ 1,907 $ 2,192 Changes in estimate 10 82 Foreign currency exchange loss (gain) 249 (367) Reclamation liabilities – balance at end of period 2,166 1,907 Asset retirement obligation – balance at beginning of period 518 623 Changes in estimate - (21) Accretion expense 35 23 Foreign currency exchange loss (gain) 71 (107) Asset retirement obligation – balance at end of period 624 518 Total period end balance $ 2,790 $ 2,425

Loan Payable

Loan Payable	9 Months Ended
	Sep. 30, 2017
Loan Payable
Loan Payable	10. Loan Payable On August 8, 2017, the Company entered into a 48-month loan agreement in the amount of $2.4 million for the purchase of certain equipment. The loan bears annual interest of 4.48%, is secured by the equipment, and requires monthly principal and interest payments of $0.05 million. As of September 30, 2017, there is an outstanding balance of $2.4 million. Scheduled minimum repayments are $0.2 million in 2017, $0.6 million in 2018, $0.6 million in 2019, $0.6 million in 2020, and $0.4 million in 2021. The Company is subject to a repayment penalty, ranging from 1% to 3% of the outstanding loan balance at time of full repayment, depending of time of repayment.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies As of September 30, 2017, the Company had outstanding cancellable equipment purchase contracts totaling $7.2 million. The contracts require payments during the equipment construction periods and the Company is required to reimburse the vendors for all costs up to the cancellation date, if cancelled.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2017
Shareholders' Equity
Shareholders' Equity	12. Shareholders’ Equity The Company declared and paid $0.9 million and $0.8 million of dividends during the nine months ended September 30, 2017 and 2016, respectively. On October 26, 2017, the Board of Directors declared a dividend on common stock totaling $0.1 million payable in November 2017. On January 6, 2017, the Company issued 59,642 shares of common stock as partial consideration for additional mineral rights for its Isabella Pearl project. At the time of issuance, the shares were valued at $5.03 per share, for an aggregate value of $0.3 million. On January 17, 2017, the Company issued 186,568 shares of common stock as partial consideration for mineral rights at the East Camp Douglas property. At the time of issuance, the shares were valued at $5.36 per share, for an aggregate value of $1.0 million.

Equity Incentive Plans

Equity Incentive Plans	9 Months Ended
	Sep. 30, 2017
Equity Incentive Plans
Equity Incentive Plans	13. Equity Incentive Plans The Company maintains an Equity Incentive Plan (“Incentive Plan”) that provides for the issuance of up to 5 million shares of common stock (plus additional shares that are terminated or forfeited under the previous equity plan) in the form of stock-based awards. The Incentive Plan was adopted in April 2016 and became effective in June 2016 and replaced the Amended and Restated Stock Option and Stock Grant Plan. During the nine months ended September 30, 2017, a total of 78,400 restricted stock units (“RSUs”) vested and shares were issued with an intrinsic value $0.3 million and a fair value of $0.4 million. A total of 341,000 options with a term of 10 years were granted during the nine months ended September 30, 2017, of which 37,000 vested immediately and the remainder vest over a three year period. A total of 105,945 restricted stock units were granted during the nine months ended September 30, 2017, of which 14,964 vest within six months and the remainder vest over a three year period. Stock-based compensation expense for stock options and RSUs is as follows: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Stock options $ 361 $ 410 $ 625 $ 896 Restricted stock units 133 101 252 101 Total $ 494 $ 511 $ 877 $ 997 Total stock-based compensation related to stock options and RSUs has been allocated between production costs, general and administrative expenses, and exploration expense as follows: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Production costs $ 37 $ 55 $ 66 $ 172 General and administrative expenses 429 450 769 819 Exploration expense 28 6 42 6 Total $ 494 $ 511 $ 877 $ 997

Embedded Derivatives

Embedded Derivatives	9 Months Ended
	Sep. 30, 2017
Embedded Derivatives
Embedded Derivatives	14. Embedded Derivatives Concentrate sales contracts contain embedded derivatives due to the provisional pricing terms for unsettled shipments. At the end of each reporting period, the Company records an adjustment to accounts receivable and revenue to reflect the mark-to-market adjustments for outstanding provisional invoices based on metal forward prices. Please see Note 17 for additional information. The following table summarizes the Company’s unsettled sales contracts at September 30, 2017 with the quantities of metals under contract subject to final pricing occurring through November 2017: Gold Silver Copper Lead Zinc (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract 6,728 512,105 477 1,565 6,717 Average forward (price per ounce or tonne) $ 1,283 $ 17.05 $ 6,133 $ 2,296 $ 2,824

Other Expense (Income), net

Other Expense (Income), net	9 Months Ended
	Sep. 30, 2017
Other Expense (Income), net
Other Expense (Income), net	15. Other Expense (Income), net Other expense (income), net, consisted of the following: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Unrealized currency exchange loss $ 165 $ 259 $ 138 $ 57 Realized currency exchange (gain) loss (111) (44) 882 (183) Unrealized gain from gold and silver rounds/bullion, net (1) (111) (93) (267) (925) Loss (gain) from sale of investments, net (1) - 49 - (351) Loss on disposal of fixed assets 163 9 462 523 Gain on insurance reimbursement - - - (620) Write down of materials and supplies inventory - - - 102 Other expense (income) 4 (106) (32) 227 Total $ 110 $ 74 $ 1,183 $ (1,170) (1) Gains and losses due to changes in the fair value are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding the fair value measurements and investments, please see Note 17 .

Net Income per Common Share

Net Income per Common Share	9 Months Ended
	Sep. 30, 2017
Net Income per Common Share
Net Income per Common Share	16. Net Income per Common Share Basic earnings per common share is calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated based on the assumption that stock options outstanding, which have an exercise price less than the average market price of the Company’s common shares during the period, would have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. All the Company’s restricted stock units are considered to be dilutive. The effect of the Company’s dilutive securities is calculated using the treasury stock method and only those instruments that result in a reduction in net income per common share are included in the calculation. Options to purchase 3.1 million and 3.7 million shares of common stock at weighted average exercise prices of $11.44 and $10.32 were outstanding at September 30, 2017 and 2016, respectively, but were not included in the computation of diluted weighted average common shares outstanding, as the exercise price of the options exceeded the average price of the Company’s common stock during those periods, and therefore are anti-dilutive. Basic and diluted net income per common share is calculated as follows: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Net income (in thousands) $ 4,581 $ 1,594 $ 9,821 $ 7,999 Basic weighted average shares of common stock outstanding 56,888,115 55,781,382 56,841,897 54,994,430 Dilutive effect of stock-based awards 567,690 1,816,010 775,133 594,877 Diluted weighted average common shares outstanding 57,455,805 57,597,392 57,617,030 55,589,307 Net income per share: Basic $ 0.08 $ 0.03 $ 0.17 $ 0.15 Diluted $ 0.08 $ 0.03 $ 0.17 $ 0.14

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2017
Fair Value Measurement
Fair Value Measurement	17. Fair Value Measurement Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Level 2 Level 3 As required by accounting guidance, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth certain of the Company’s assets measured at fair value by level within the fair value hierarchy as of September 30, 2017 and December 31, 2016: 2017 2016 Input Hierarchy Level (in thousands) Cash and cash equivalents: Bank deposits $ 15,832 $ 14,166 Level 1 Gold and silver rounds/bullion 3,831 3,307 Level 1 Accounts receivable: Receivables from provisional concentrate sales 3,664 630 Level 2 $ 23,327 $ 18,103 Cash and cash equivalents consist primarily of cash deposits and are valued at cost, which approximates fair value. Gold and silver rounds/bullion consist of precious metals used for investment purposes and in the dividend program which are valued using quoted market prices. Please see Note 3 for additional information. The Company determined that it was not practicable to estimate the fair value of its non-current investment in equity securities of $0.2 million and as such, it is reported at cost. Trade accounts receivable include amounts due to the Company for shipments of concentrates and doré sold to customers. Concentrate sales contracts contain embedded derivatives due to the provisional pricing terms for unsettled shipments. At the end of each reporting period, the Company records an adjustment to accounts receivable and revenue to reflect the mark-to-market adjustments for outstanding provisional invoices based on the forward prices. Please see Note 14 for additional information.

Supplementary Cash-Flow Informa

Supplementary Cash-Flow Information	9 Months Ended
	Sep. 30, 2017
Supplementary Cash-Flow Information
Supplementary Cash-Flow Information	18. Supplementary Cash Flow Information Other operating adjustments and write-downs within the net cash provided by operations on the statement of cash flows for the nine months ended September 30, 2017 and 2016 consisted of the following: 2017 2016 (in thousands) Unrealized gain on gold and silver rounds/bullion $ (267) $ (925) Unrealized foreign currency exchange loss 138 57 Gain on sale of investments - (351) Loss on disposition of fixed assets 462 523 Increase in reserve for inventory obsolescence - 102 Other 59 63 Total other operating adjustments $ 392 $ (531)

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2017
Segment Reporting
Segment Reporting	19. Segment Reporting The Company has organized its operations into two geographic regions. The geographic regions include Oaxaca, Mexico and Nevada, U.S.A. and represent the Company’s operating segments. During the first quarter of 2017, the Company began to make decisions about resources to be allocated to the operating segments. As a result, these operating segments represent the Company’s reportable segments. The prior periods have been conformed to reflect the change in presentation. The Company’s business activities that are not considered operating segments are included in Corporate and Other. The financial information relating to the Company’s segments is as follows ( in thousands ): Mexico Nevada Corporate and Other Consolidated Three months ended September 30, 2017 Revenue $ 31,122 $ - $ - $ 31,122 Exploration expense 446 976 35 1,457 Capital expenditures 5,869 2,274 - 8,143 Mexico Nevada Corporate and Other Consolidated Three months ended September 30, 2016 Revenue $ 21,367 $ - $ - $ 21,367 Exploration expense 488 315 78 881 Capital expenditures 2,342 3 21 2,366 Mexico Nevada Corporate and Other Consolidated Nine months ended September 30, 2017 Revenue $ 76,849 $ - $ - $ 76,849 Exploration expense 1,050 2,253 112 3,415 Capital expenditures (1) 15,983 8,618 9 24,610 Mexico Nevada Corporate and Other Consolidated Nine months ended September 30, 2016 Revenue $ 64,968 $ - $ - $ 64,968 Exploration expense 1,094 710 223 2,027 Capital expenditures (2) 9,971 35 167 10,173 (1) Includes an increase in accrued capital expenditures of $510 and non-cash additions of $3,718; consolidated capital expenditures on a cash basis were $20,382 . (2) Includes a decrease in accrued capital expenditures of $2,764 and a non-cash addition of $300; consolidated capital expenditures on a cash basis were $12,637. Total asset balances, excluding intercompany balances at September 30, 2017 and December 31, 2016 are as follows: 2017 2016 (in thousands) Mexico $ 93,406 $ 79,677 Nevada 24,427 15,122 Corporate and Other 17,268 23,644 Consolidated $ 135,101 $ 118,443

Basis of Preparation of Finan26

Basis of Preparation of Financial Statements (Policy)	9 Months Ended
	Sep. 30, 2017
Basis of Preparation of Financial Statements
Basis of Presentation	The interim Condensed Consolidated Financial Statements (“interim statements”) of Gold Resource Corporation and its subsidiaries (collectively, the “Company”) are unaudited and have been prepared in accordance with the rules of the Securities and Exchange Commission for interim statements. Certain information and footnote disclosures required by United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted although the Company believes that the disclosures included are adequate to make the information presented not misleading. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2016 included in the Company’s annual report on Form 10-K. The year-end balance sheet data was derived from the audited financial statements. Unless otherwise noted, there have been no material changes to the footnotes from those accompanying the audited consolidated financial statements contained in the Company’s annual report on Form 10-K.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements (Policy)	9 Months Ended
	Sep. 30, 2017
Recent Accounting Pronouncements
Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Accounting Standards Update 2016-09—Compensation—Stock compensation (Topic 718): Improvements to employee share-based payment accounting . On March 30, 2016, the Financial Accounting Standards Board (“FASB”) issued guidance intended to improve the accounting for employee share-based payments. The standard affects all organizations that issue share-based payment awards to their employees and was part of the FASB’s Simplification Initiative. The objective of the Simplification Initiative is to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The areas for simplification in this standard involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, the amendments in this standard are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Because of the Company’s current valuation allowance position, the adoption of this guidance, effective January 1, 2017, did not result in an adjustment to retained earnings as of December 31, 2016. Nor did it result in current tax expense or benefit related to vested stock-based awards for the nine months ended September 30, 2017. As a result, the Company did not exclude any excess tax benefits from the calculation of diluted earnings per share during the nine months ended September 30, 2017, and there was no method change to the cash flow presentation as required by the guidance. Please see Note 5 for more information. Accounting Standards Update 2016-16 – Income Taxes, Intra-Entity Transfers of Assets Other Than Inventory (Topic 740 ). In October 2016, the FASB issued guidance intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory by requiring an entity to recognize the income tax consequences when a transfer occurs, instead of when an asset is sold to an outside party. The amendments in this guidance should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is required to adopt this new standard on January 1, 2018, for its fiscal year 2018 and for interim periods within that fiscal year. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual financial statements have not been issued. The Company elected to early adopt this guidance as of January 1, 2017 which resulted in the Company adjusting its deferred tax charge, previously reported in other long-term assets, to nil with the related offset to beginning retained earnings. The net effect was a decrease of $0.5 million to other long-term assets and a corresponding decrease to beginning retained earnings . Recently Issued Accounting Pronouncements Accounting Standards Update (“ASU”) No. 2014-09—Revenue from Contracts with Customers (Topic 606). On May 28, 2014, the FASB issued guidance that requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This ASU was further amended in August 2015, March 2016, April 2016, May 2016 and December 2016 by ASU No. 2015-14, No. 2016-08, No. 2016-10, No. 2016-12 and No. 2016-20, respectively. The guidance provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. The Company has performed an assessment of the revised guidance and the impacts on the Company’s Consolidated Financial Statements and disclosures. The Company has completed the review of all contracts and determined that the adoption of this guidance will not impact the timing of revenue recognition based on the Company’s determination of when control is transferred. Currently, revenue is recognized for contracts upon delivery of material to the customer and will not change under the new guidance. The Company furthered its evaluation of variable consideration for concentrate sales related to the variable nature of the price and metal quantity. Based on its current analysis, the estimate of revenue recognized for concentrates will remain unchanged as sales will initially be recorded on a provisional basis based on the forward prices for the estimated month of settlement and the Company’s estimated metal quantities delivered based on weighing and assay data. The Company believes changes in the underlying weight and metal content are not significant to the sale as a whole and therefore do not preclude the recognition of revenue upon transfer of control. Additionally, the Company completed its evaluation of the impacts of refining fee classification. The Company also determined that revenue will be recognized, net of treatment and refining charges when these payments are made to customers. This classification remains unchanged from current practice. The Company will adopt the new guidance effective January 1, 2018. The guidance may be applied retrospectively for all periods presented or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application. The Company currently anticipates adopting the guidance retrospectively with the cumulative effect of initially applying the amended guidance recognized at January 1, 2018. As there are no changes to the Company’s current revenue recognition model, no changes will be made to prior period amounts or related prior period disclosures. Accounting Standards Update No. 2016-02 Leases (Topic 842). I n February 2016, the FASB issued a new standard regarding leases. Lessees will be required to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and a lease liability. Public business entities are required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For calendar year-end public companies, this means an adoption date of January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact on its consolidated financial statements and disclosures.

Gold and Silver Bullion (Tables

Gold and Silver Bullion (Tables)	9 Months Ended
	Sep. 30, 2017
Gold and Silver Bullion
Schedule of Company's Holdings	2017 2016 Gold Silver Gold Silver (in thousands, except ounces and per ounce) Ounces 1,794 90,685 1,579 90,971 Per ounce $ 1,283 $ 16.86 $ 1,159 $ 16.24 Total $ 2,302 $ 1,529 $ 1,830 $ 1,477

Inventories, net (Tables)

Inventories, net (Tables)	9 Months Ended
	Sep. 30, 2017
Inventories, net
Summary of Inventories	2017 2016 (in thousands) Stockpiles - underground mine $ 809 $ 84 Stockpiles - open pit mine 53 288 Concentrates and doré 1,249 1,881 Materials and supplies (1) 7,779 6,693 Total $ 9,890 $ 8,946 (1) Net of reserve for obsolescence of $637 at September 30, 2017 and December 31, 2016.

Prepaid Expenses and Other Cu30

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2017
Prepaid Expenses And Other Current Assets
Schedule of prepaid and other assets	2017 2016 (in thousands) Advances to suppliers $ 175 $ 122 Prepaid insurance 821 531 Vendor deposits 245 218 IVA taxes receivable, net 69 489 Other current assets 512 227 Total $ 1,822 $ 1,587

Property, Plant and Mine Deve31

Property, Plant and Mine Development, net (Tables)	9 Months Ended
	Sep. 30, 2017
Property, Plant and Mine Development, net
Schedule of property, plant and mine development	2017 2016 (in thousands) Asset retirement costs $ 637 $ 637 Construction-in-progress 8,670 586 Furniture and office equipment 1,632 1,580 Land 242 230 Light vehicles and other mobile equipment 2,072 1,914 Machinery and equipment 21,530 20,293 Mill facilities and infrastructure 9,847 9,643 Mineral interests and mineral rights ( 1 ) 17,658 19,413 Mine development 53,825 42,951 Software and licenses 1,678 1,624 Subtotal (2) 117,791 98,871 Accumulated depreciation and amortization (38,344) (28,812) Total $ 79,447 $ 70,059 (1) During the three months ended September 30, 2017, the Company revised its temporary book and tax differences in the basis of its Isabella Pearl property, which resulted in a $4.2 million decrease in property, plant and mine development, net and a corresponding increase in deferred tax assets, net. (2) Includes accrued capital expenditures of $0.5 million and nil at September 30, 2017 and December 31, 2016, respectively.

Accrued Expenses and Other Cu32

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2017
Accrued Expenses and Other Current Liabilities
Schedule of Accrued Expenses and Other Current Liabilities	2017 2016 (in thousands) Accrued insurance $ 433 $ 381 Accrued royalty payments 1,465 1,043 Dividends payable 95 94 Other payables 172 8 Total $ 2,165 $ 1,526

Reclamation and Remediation (Ta

Reclamation and Remediation (Tables)	9 Months Ended
	Sep. 30, 2017
Reclamation And Remediation
Changes in Reclamation and Remediation	2017 2016 (in thousands) Reclamation liabilities – balance at beginning of period $ 1,907 $ 2,192 Changes in estimate 10 82 Foreign currency exchange loss (gain) 249 (367) Reclamation liabilities – balance at end of period 2,166 1,907 Asset retirement obligation – balance at beginning of period 518 623 Changes in estimate - (21) Accretion expense 35 23 Foreign currency exchange loss (gain) 71 (107) Asset retirement obligation – balance at end of period 624 518 Total period end balance $ 2,790 $ 2,425

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2017
Equity Incentive Plans
Stock-based compensation expense	Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Stock options $ 361 $ 410 $ 625 $ 896 Restricted stock units 133 101 252 101 Total $ 494 $ 511 $ 877 $ 997
Schedule Of Stock-Based Compensation Expense Allocated Between Production And General And Administrative Expense	Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Production costs $ 37 $ 55 $ 66 $ 172 General and administrative expenses 429 450 769 819 Exploration expense 28 6 42 6 Total $ 494 $ 511 $ 877 $ 997

Embedded Derivatives (Tables)

Embedded Derivatives (Tables)	9 Months Ended
	Sep. 30, 2017
Embedded Derivatives
Summary of unsettled sales contracts	Gold Silver Copper Lead Zinc (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract 6,728 512,105 477 1,565 6,717 Average forward (price per ounce or tonne) $ 1,283 $ 17.05 $ 6,133 $ 2,296 $ 2,824

Other Expense (Income), net (Ta

Other Expense (Income), net (Tables)	9 Months Ended
	Sep. 30, 2017
Other Expense (Income), net
Schedule of Other (Expense) Income, Net	Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands) Unrealized currency exchange loss $ 165 $ 259 $ 138 $ 57 Realized currency exchange (gain) loss (111) (44) 882 (183) Unrealized gain from gold and silver rounds/bullion, net (1) (111) (93) (267) (925) Loss (gain) from sale of investments, net (1) - 49 - (351) Loss on disposal of fixed assets 163 9 462 523 Gain on insurance reimbursement - - - (620) Write down of materials and supplies inventory - - - 102 Other expense (income) 4 (106) (32) 227 Total $ 110 $ 74 $ 1,183 $ (1,170) (1) Gains and losses due to changes in the fair value are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding the fair value measurements and investments, please see Note 17 .

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	9 Months Ended
	Sep. 30, 2017
Net Income per Common Share
Net Income Per Share	Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Net income (in thousands) $ 4,581 $ 1,594 $ 9,821 $ 7,999 Basic weighted average shares of common stock outstanding 56,888,115 55,781,382 56,841,897 54,994,430 Dilutive effect of stock-based awards 567,690 1,816,010 775,133 594,877 Diluted weighted average common shares outstanding 57,455,805 57,597,392 57,617,030 55,589,307 Net income per share: Basic $ 0.08 $ 0.03 $ 0.17 $ 0.15 Diluted $ 0.08 $ 0.03 $ 0.17 $ 0.14

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Measurement
Assets measured at fair value by level within fair value hierarchy	2017 2016 Input Hierarchy Level (in thousands) Cash and cash equivalents: Bank deposits $ 15,832 $ 14,166 Level 1 Gold and silver rounds/bullion 3,831 3,307 Level 1 Accounts receivable: Receivables from provisional concentrate sales 3,664 630 Level 2 $ 23,327 $ 18,103

Supplementary Cash-Flow Infor39

Supplementary Cash-Flow Information (Tables)	9 Months Ended
	Sep. 30, 2017
Supplementary Cash-Flow Information
Schedule of Supplementary Cash Flow Information	2017 2016 (in thousands) Unrealized gain on gold and silver rounds/bullion $ (267) $ (925) Unrealized foreign currency exchange loss 138 57 Gain on sale of investments - (351) Loss on disposition of fixed assets 462 523 Increase in reserve for inventory obsolescence - 102 Other 59 63 Total other operating adjustments $ 392 $ (531)

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting
Schedule of financial information relating to the Company segments	Mexico Nevada Corporate and Other Consolidated Three months ended September 30, 2017 Revenue $ 31,122 $ - $ - $ 31,122 Exploration expense 446 976 35 1,457 Capital expenditures 5,869 2,274 - 8,143 Mexico Nevada Corporate and Other Consolidated Three months ended September 30, 2016 Revenue $ 21,367 $ - $ - $ 21,367 Exploration expense 488 315 78 881 Capital expenditures 2,342 3 21 2,366 Mexico Nevada Corporate and Other Consolidated Nine months ended September 30, 2017 Revenue $ 76,849 $ - $ - $ 76,849 Exploration expense 1,050 2,253 112 3,415 Capital expenditures (1) 15,983 8,618 9 24,610 Mexico Nevada Corporate and Other Consolidated Nine months ended September 30, 2016 Revenue $ 64,968 $ - $ - $ 64,968 Exploration expense 1,094 710 223 2,027 Capital expenditures (2) 9,971 35 167 10,173 (1) Includes an increase in accrued capital expenditures of $510 and non-cash additions of $3,718; consolidated capital expenditures on a cash basis were $20,382 . (2) Includes a decrease in accrued capital expenditures of $2,764 and a non-cash addition of $300; consolidated capital expenditures on a cash basis were $12,637.
Schedule of asset balances, excluding investments and intercompany	2017 2016 (in thousands) Mexico $ 93,406 $ 79,677 Nevada 24,427 15,122 Corporate and Other 17,268 23,644 Consolidated $ 135,101 $ 118,443

Recent Accounting Pronounceme41

Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jan. 01, 2017	Dec. 31, 2016
Nature Of Operations [Line Items]
Retained earnings	$ 10,477		$ 2,040
Deferred Tax Assets, Net of Valuation Allowance	$ 18,645		$ 17,580
Other Assets [Member] | Accounting Standards Update 2016-16 [Member]
Nature Of Operations [Line Items]
Retained earnings		$ (500)
Deferred Tax Assets, Net of Valuation Allowance		$ 0

Gold and Silver Bullion (Detail

Gold and Silver Bullion (Details) - oz	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Gold
Schedule Of Investments [Line Items]
Puchase of gold bullion, weight	215.85	0

Gold and Silver Bullion - Bulli

Gold and Silver Bullion - Bullion Holdings (Details)	Sep. 30, 2017USD ($)oz$ / oz	Dec. 31, 2016USD ($)oz$ / oz
Schedule of Investments [Line Items]
Total carrying value	$ 3,831,000	$ 3,307,000
Gold
Schedule of Investments [Line Items]
Ounces | oz	1,794	1,579
Carrying value per ounce | $ / oz	1,283	1,159
Total carrying value	$ 2,302	$ 1,830
Silver
Schedule of Investments [Line Items]
Ounces | oz	90,685	90,971
Carrying value per ounce | $ / oz	16.86	16.24
Total carrying value	$ 1,529	$ 1,477

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Inventories, net
Stockpiles - underground mine	$ 809	$ 84
Stockpiles - open pit mine	53	288
Concentrates	1,249	1,881
Materials and supplies	7,779	6,693
Inventories - current	9,890	8,946
Inventory reserve	$ 637	$ 637

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income tax (benefit) expense	$ 3,103,000	$ 787,000	$ 6,987,000	$ 6,479,000
Fuel tax credits	1,000,000		2,600,000
Liability for uncertain tax positions	0		0
Accounding Standards Update 2016-09 [Member]
Deferred tax assets	$ 4,200,000		$ 4,200,000

Prepaid Expenses and Other Cu46

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Prepaid Expenses And Other Current Assets
Advances to suppliers	$ 175	$ 122
Prepaid insurance	821	531
Vendor deposits	245	218
IVA taxes receivable, net	69	489
Other current assets	512	227
Total	$ 1,822	$ 1,587

Property, Plant and Mine Deve47

Property, Plant and Mine Development, net - Summary of Property, Equipment and Mine Development (Details) - USD ($)	3 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Property, equipment and mine development - net
Property and equipment, gross	$ 117,791,000	$ 98,871,000
Accumulated depreciation, depletion and amortization	(38,344,000)	(28,812,000)
Total property, equipment and mine development - net	79,447,000	70,059,000
Increase in deferred tax assets, net	4,200,000
Decrease in property, plant and mine equipment	4,200,000
Accrued capital expenditures	500,000	0
Asset retirement costs
Property, equipment and mine development - net
Property and equipment, gross	637,000	637,000
Construction-in-progress
Property, equipment and mine development - net
Property and equipment, gross	8,670,000	586,000
Furniture and office equipment
Property, equipment and mine development - net
Property and equipment, gross	1,632,000	1,580,000
Land
Property, equipment and mine development - net
Property and equipment, gross	242,000	230,000
Light vehicles and other mobile equipment
Property, equipment and mine development - net
Property and equipment, gross	2,072,000	1,914,000
Machinery and equipment
Property, equipment and mine development - net
Property and equipment, gross	21,530,000	20,293,000
Mill facilities and infrastructure
Property, equipment and mine development - net
Property and equipment, gross	9,847,000	9,643,000
Mineral Interests And Mineral Rights
Property, equipment and mine development - net
Property and equipment, gross	17,658,000	19,413,000
Mine development
Property, equipment and mine development - net
Property and equipment, gross	53,825,000	42,951,000
Software and licenses [Member]
Property, equipment and mine development - net
Property and equipment, gross	$ 1,678,000	$ 1,624,000

Property, Plant and Mine Deve48

Property, Plant and Mine Development, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Property, Plant and Mine Development, net
Depletion, depreciation and amortization	$ 3,900	$ 3,300	$ 10,602	$ 9,343

Accrued Expenses and Other Cu49

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Accrued Expenses and Other Current Liabilities
Accrued insurance	$ 433	$ 381
Accrued royalty payments	1,465	1,043
Dividends payable	95	94
Other payables	172	8
Accrued expenses and other current liabilities	$ 2,165	$ 1,526

Reclamation and Remediation (De

Reclamation and Remediation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Asset Retirement Obligation, Roll Forward Analysis
Reclamation liabilities – balance at beginning of period	$ 1,907	$ 2,192
Changes in estimate	10	82
Foreign currency exchange loss (gain)	249	(367)
Reclamation liabilities – balance at end of period	2,166	1,907
Asset retirement obligation – balance at beginning of period	518	623
Changes in estimate		(21)
Accretion expense	35	23
Foreign currency exchange loss (gain)	71	(107)
Asset retirement obligation – balance at end of period	624	518
Total period end balance	$ 2,790	$ 2,425

Loan Payable (Details)

Loan Payable (Details) - USD ($) $ in Thousands	Aug. 08, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Term loan	48 months
Loan amount	$ 2,400
Interest rate		4.48%
Periodic payment		$ 50
Outstanding loan		2,400
Minimum repayment in remainder of 2017		200
2,018		600
2,019		600
2,020		600
2,021		$ 400
Minimum
Debt Instrument [Line Items]
Repayment penalty, percentage		1.00%
Maximum
Debt Instrument [Line Items]
Repayment penalty, percentage		3.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Commitments and Contingencies
Cancellable equipment purchase agreement	$ 7,200
Accounts payable	$ 8,883	$ 5,383

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 26, 2017	Jan. 06, 2017	Jan. 17, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Dividends declared				$ 900	$ 800
Value of shares issued				$ 1,300		$ 13,910
Subsequent Event [Member]
Dividends declared	$ 100
Isabella Pearl Project [Member]
Shares issued for acquisition		59,642
Share issue price ( in dollars per share)		$ 5.03
Value of shares issued		$ 300
East Camp Douglas Property [Member]
Shares issued for acquisition			186,568
Share issue price ( in dollars per share)			$ 5.36
Value of shares issued			$ 1,000

Equity Incentive Plans - Narrat

Equity Incentive Plans - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive plan shares for issuance authorized	5,000,000
Options granted	341,000
Exercise period	10 years
Number of options that vested immediately	37,000
Remaining vesting period	3 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, granted	105,945
Vested (in shares)	78,400
Intrinsic value of shares | $	$ 0.3
Fair value of options vested | $	$ 0.4
Restricted Stock Units (RSUs) [Member] | 6 Months Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining vesting period	6 months
Vested (in shares)	14,964
Restricted Stock Units (RSUs) [Member] | 3 Year Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining vesting period	3 years

Equity Incentive Plans - Stock-

Equity Incentive Plans - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Equity Incentive Plans
Stock options	$ 361	$ 410	$ 625	$ 896
Restricted stock units	133	101	252	101
Total stock-based compensation	$ 494	$ 511	$ 877	$ 997

Equity Incentive Plans - Alloca

Equity Incentive Plans - Allocation of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Equity Incentive Plans
Production costs	$ 37	$ 55	$ 66	$ 172
General and administrative expenses	429	450	769	819
Exploration expense	28	6	42	6
Total stock-based compensation	$ 494	$ 511	$ 877	$ 997

Embedded Derivatives (Details)

Embedded Derivatives (Details)	9 Months Ended
	Sep. 30, 2017ozt$ / oz$ / t
Gold [Member]
Embedded Derivative [Line Items]
Under contract | oz	6,728
Average forward price | $ / oz	1,283
Silver [Member]
Embedded Derivative [Line Items]
Under contract | oz	512,105
Average forward price | $ / oz	17.05
Copper [Member]
Embedded Derivative [Line Items]
Under contract | t	477
Average forward price | $ / t	6,133
Lead [Member]
Embedded Derivative [Line Items]
Under contract | t	1,565
Average forward price | $ / t	2,296
Zinc [Member]
Embedded Derivative [Line Items]
Under contract | t	6,717
Average forward price | $ / t	2,824

Other Expense (Income), net (De

Other Expense (Income), net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Other Expense (Income), net
Unrealized foreign currency exchange loss (gain)	$ 165	$ 259	$ 138	$ 57
Realized currency exchange (loss) gain	(111)	(44)	882	(183)
Unrealized gain from gold and silver rounds/bullion, net	(111)	(93)	(267)	(925)
Loss (gain) from sale of investments, net		49		(351)
Loss on disposal of fixed assets	163	9	462	523
Gain on insurance reimbursement				(620)
Write down of materials and supplies inventory				102
Other expense (income)	4	(106)	(32)	227
Total	$ 110	$ 74	$ 1,183	$ (1,170)

Net Income per Common Share - N

Net Income per Common Share - Narrative (Details) - $ / shares shares in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Net Income per Common Share
Stock options excluded from computation of diluted weighted average share outstanding	3.1	3.7
Shares excluded from weighted average shares outstanding, exercise price	$ 11.44	$ 10.32

Net Income per Common Share - P

Net Income per Common Share - Potential Dilutive Stock Options On Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Net Income per Common Share
Net income	$ 4,581	$ 1,594	$ 9,821	$ 7,999	$ 4,387
Basic weighted average shares of common stock outstanding	56,888,115	55,781,382	56,841,897	54,994,430
Dilutive effect of stock-based awards	567,690	1,816,010	775,133	594,877
Diluted weighted average common shares outstanding	57,455,805	57,597,392	57,617,030	55,589,307
Basic:
Net income per common share: Basic	$ 0.08	$ 0.03	$ 0.17	$ 0.15
Diluted:
Net income per common share: Diluted	$ 0.08	$ 0.03	$ 0.17	$ 0.14

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Total	$ 23,327	$ 18,103
Fair value of non-current investment in equity securities	200
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash bank deposits	15,832	14,166
Gold and silver rounds/bullion	3,831	3,307
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables from provisional concentrate sales	$ 3,664	$ 630

Supplementary Cash-Flow Infor62

Supplementary Cash-Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Supplementary Cash-Flow Information
Unrealized gain on gold and silver rounds/bullion			$ (267)	$ (925)
Unrealized foreign currency exchange gain	$ 165	$ 259	138	57
Gain on sale of investments				(351)
Loss (gain) on disposition of fixed assets			462	523
Increase (decrease) in reserve for inventory obsolescence				102
Other			59	63
Total other operating adjustments			$ 392	$ (531)

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)item	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Number of reportable segments | item			2
Revenue	$ 31,122	$ 21,367	$ 76,849	$ 64,968
Exploration expenses	1,457	881	3,415	2,027
Capital expenditures	8,143	2,366	24,610	10,173
Accrued capital expenditures			510	(2,764)
Non - cash additions			3,718	300
Capital expenditures on a cash basis			20,382	12,637
Assets	135,101		135,101		$ 118,443
Mexico
Revenue	31,122	21,367	76,849	64,968
Exploration expenses	446	488	1,050	1,094
Capital expenditures	5,869	2,342	15,983	9,971
Assets	93,406		93,406		79,677
Nevada
Exploration expenses	976	315	2,253	710
Capital expenditures	2,274	3	8,618	35
Assets	24,427		24,427		15,122
Corporate and Other
Exploration expenses	35	78	112	223
Capital expenditures		$ 21	9	$ 167
Assets	$ 17,268		$ 17,268		$ 23,644